32.54 -0.06 (-0.18%)
After hours: 5:30PM EDT
|Bid||32.53 x 900|
|Ask||32.58 x 1000|
|Day's Range||32.50 - 34.22|
|52 Week Range||30.67 - 47.08|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||50.60|
Uber Technologies Inc sued New York City on Friday, seeking to void a new rule limiting how much time its drivers can spend cruising streets in busy areas of Manhattan without passengers, saying it threatens to undermine the company's ride-sharing model. In a filing in New York state court in Manhattan, Uber also sought to void a rule banning the issuance of new licenses to for-hire vehicles through August 2020.
Its license to provide rides in London—one of its largest and most profitable cities—is set to expire next week. The London problem, at least, isn’t as bad as it looks. In 2017, a city regulator known as Transport for London, or TfL, raised concerns about Uber’s operation, accusing the Silicon Valley company of a number of failings that might have potential public-safety implications.
California Governor Gavin Newsom signed the bill, known as AB5, on Wednesday. It goes into effect on Jan. 1 and could roil the gig economy if companies are forced to replace independent contractors with employees who earn at least the state minimum wage of $12 per hour and are eligible for expense reimbursement and benefits such as health insurance and paid time off. Research firm Second Measure says Postmates, DoorDash and UberEats reap the greatest percentage of U.S. sales from California - estimated at 41.3%, 24.3% and 23.9%, respectively.
Uber Technologies Inc. (NYSE: UBER) is moving into Dallas, Texas, as part of its self-driving initiative, but it won't be operating autonomous vehicles. Instead, the company said Tuesday, it will deploy a fleet of cars with human operators to map the urban landscape and capture data on real-world driving scenarios that will be used to train algorithms on how to safely control vehicles. Uber is also under a shadow from a California bill signed into law this week that requires Uber and Lyft to redefine their contract workers as employees, which would add enormous payroll and benefit costs.
Enormous losses, conflicts of interest, a puzzling business model, irrational exuberance and an ill-advised voting structure: They're all thwarting the IPO of office-sharing startup WeWork.
Uber is still waiting to see whether its licence in London, which expires on Wednesday, will be renewed as the regulator, which previously stripped the taxi app of its right to operate in the city, remains tight-lipped about the decision. Transport for London (TfL) rejected the Silicon Valley company's licence renewal request in 2017 due to failings it said it found in its approach to reporting serious criminal offences and driver background checks, prompting legal action. A judge in 2018 then granted Uber a probationary 15-month licence, which expires on Sept. 25, after the company had made several changes to its business model in London, the firm's most important European market.
Uber sports a market valuation of more than $57 billion. while WeWork has raised more than $12 billion in venture capital.
Uber is still waiting to see whether its license in London, which expires on Wednesday, will be renewed as the regulator, which previously stripped the taxi app of its right to operate in the city, remains tight-lipped about the decision. Transport for London (TfL) rejected the Silicon Valley company's license renewal request in 2017 due to failings it said it found in its approach to reporting serious criminal offences and driver background checks, prompting legal action. A judge in 2018 then granted Uber a probationary 15-month license, which expires on Sept. 25, after the company had made several changes to its business model in London, the firm's most important European market.
The ride-sharing companies are subsidizing rides and overspending on technology, and soon their very business model may be upended in California.
China Tariffs Up to 100%? Pillsbury Says Maybe Yes Is President Donald Trump just playing bad cop, or is he really going to raise tariffs again on China? Nobody knows, probably not even Trump himself. However, according to a report from some guy named Michael Pillsbury, not to be confused with the glutinous consumer-oriented baking […]The post Market Morning: Pillsbury 100% Tariff Threat, Oracle Says Uber Worthless, Panetta War Warning appeared first on Market Exclusive.
No one has more to say about almost everything than (ORCL) (ORCL) founder Larry Ellison. Ellison, the company’s executive chairman and chief technology officer, and one of the richest people on Earth, has become even more important to Oracle’s day-to-day operations recently, given the recent announcement that co-CEO Mark Hurd is taking time off to deal with a medical issue. In connection with the conference, Oracle assembles a group of entrepreneurs the company supports under a program called Oracle for Startups.
On Thursday, the vacation rental company issued a simple, one-sentence press release saying it intends to go public in 2020. Datadog (DDOG) lets businesses monitor their software in an online dashboard.
Seattle was the first large city to authorize private free-floating bikes in 2017, and now it's beginning the pilot process to do the same with scooters.
LOS ANGELES, CA / ACCESSWIRE / September 19, 2019 / The Schall Law Firm , a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Uber Technologies, ...
Bay Area activist Shannon Coulter announced the campaign, Force the Issue, on Tuesday in order to pressure 900 large, publicly traded companies to stop requiring their employees to sign off on arbitration clauses agreeing not to sue.
(Bloomberg) -- Postmates Inc. said it’s raising $225 million in private capital Thursday, seven months after announcing a plan to take the company public. The move suggests technology companies are seeing more enthusiasm from private investors than from those in the public markets.The San Francisco-based company, which makes a food-delivery app, will see its valuation increase after the new financing to $2.4 billion, from $1.85 billion in January, said a person familiar with the deal, who asked not to be identified because the details are private. The lead investor of the round, GPI Capital, will get a board seat, Postmates said.Postmates lags DoorDash Inc. and Uber Technologies Inc. among the most-used apps to order food in the U.S. Uber held the biggest IPO of the year in May, but the stock is down 25% from the offering price. This week, WeWork’s parent company postponed its IPO after an icy reception from Wall Street.Meanwhile, venture capital hasn’t cooled. Also on Thursday, Stripe Inc. said it raised new funds at a $35 billion valuation, making the payments company the third-most-valuable tech startup in the U.S. The new funding for Postmates was reported earlier Thursday by Forbes.To contact the reporter on this story: Ellen Huet in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Legendary short-seller Jim Chanos of Kynikos Associates on Thursday announced his fund has taken a short position in online food-delivery company GrubHub Inc. during the CNBC Institutional Investor Delivery Alpha conference, arguing that the company is "making almost no money per order, it's something like 15 cents." Chanos said that the company's financial position will only worsen from here as labor costs rise, in part due to new regulations that could classify gig-economy workers as employees rather than independent contractors. He also cited stiff competition from Uber Inc. , whose Uber Eats division has been growing revenue in the food-delivery business at a rapid pace. Chanos said that GrubHub does not have the financial "wherewithal" that Uber does and that competing with Uber "is like being locked in a cage with a psychopath with an ax." GrubHub shares fell 5.5% during Thursday trade.
(Bloomberg) -- Payments platform Stripe Inc. became one of the most highly valued startups in the world on Thursday, after it announced a new funding round at a $35 billion valuation. In the U.S., only vaping giant Juul Labs Inc. and the troubled We Co. are more valuable.Stripe raised $250 million in funding in the new round, which the company said will be used to continue to expand around the world and launch new products. In September alone, it launched a new lending product as well as a corporate credit card. General Catalyst, Sequoia Capital and Andreessen Horowitz are among the participating investors in the round. Stripe’s previous valuation was $23 billion. “Our investors sense that we are still in the early stages of our opportunity,” said John Collison, Stripe’s co-founder and president. “We’re now processing hundreds of billions of dollars a year.” The San Francisco-based company counts both startups and tech giants among the customers for its core payments processing services, with Uber Technologies Inc. and Amazon.com Inc. using it for some transactions. Stripe has also continued to add more products, including fraud protection, billing and credit card services. It makes money by taking a portion of each transaction. Stripe was founded in 2010 by John and Patrick Collison, 29 and 31, who immigrated to Silicon Valley to pursue careers in technology after growing up in Ireland. The company’s latest round dramatically increased Stripe’s value to $35 billion, not counting the more than $1 billion investors have poured into the company. Its valuation jump comes as some of the highest profile tech startups have struggled in the public markets. Uber and Lyft Inc., which both listed shares publicly this year, are trading below their IPO price, and the We Co. delayed its public offering. Recently, WeWork’s market value has been called into question by investors. John Collison said that the company was not planning an IPO in the near future. “We’re very happy as an independent company,” he said. “We’re very fortunate to have investors that bring a pretty long-term mindset to this.” Stripe’s fundraising was earlier reported by the Wall Street Journal. (Adds comments starting in the third paragraph.)To contact the author of this story: Julie Verhage in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Anne VanderMey at email@example.com, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Delivering Alpha 2019 conference took place Thursday in New York, and this year’s event included a number of Wall Street heavy hitters. Benzinga Pro reported from Delivering Alpha all day long. Here’s ...
Airbnb intends to become a publicly traded company next year, the vacation rental company said in a news release Thursday. Airbnb hasn’t released full-year results for 2018 but has previously said its 2017 revenue was over $2.5 billion—more than 50% higher than its 2016 revenue. A number of highflying, private technology companies and other startups have made their mark on Wall Street in 2019—just not always as they intended.
Scott Kupor, managing partner of $10 billion venture capital firm Andreessen Horowitz, said at the CNBC Institutional Investor Delivering Alpha conference that it would be “dangerous” to generalize from the WeWork situation as it stems from the confluence of multiple factors. Andreessen Horowitz is not a WeWork investor.